Residence permit in Latvia when purchasing real estate

The Golden Visa program, under which foreign investors can count on obtaining a residence permit in a number of EU countries, has been operating in Latvia since 2010. Since then, the conditions for granting a residence permit in Latvia when purchasing real estate have changed several times, but this state project still remains one of the most attractive and affordable in all of Europe. It is most in demand among citizens of China and Russia who are interested in moving to a new place within the European Union.

The main financial requirement for those wishing to invest in Latvian real estate (both residential and commercial) in order to obtain a residence permit as of August 2020 is that the cost of the property must be at least 250 thousand euros, and a one-time non-refundable payment must be made payment of 5%. You will also need to confirm the availability of sufficient funds to live in Latvia for at least one year – for a family of three people, 24 thousand euros per year is enough.

Latvian residence permit when purchasing real estate

At the same time, the Latvian Golden Visa program compares very favorably with its counterparts existing in Spain, Portugal or Greece, not to mention Malta or Cyprus. Latvia is the only country that allows potential investors to take out a mortgage to pay part of the cost of the property. Moreover, in order to speed up the process of repaying the mortgage loan, the new owner of the property can rent it out, and during this time he does not need to be in Latvia.

In addition to fulfilling the financial requirements, an applicant for a residence permit in Latvia must provide a package of documents in Latvian or Russian to the Office of Citizenship and Migration Affairs in Riga or the Latvian consulate in the country of permanent residence. All certificates issued in Russia by government agencies must be affixed with an apostille.

Latvian residence permit when purchasing real estate

Together with the investor, a residence permit in Latvia can be obtained by his family: spouse and children under the age of 18. In addition to the purchase and sale agreement, an extract from the Cadastre and confirmation from the bank about the payment of real estate and taxes, the main applicant should prepare the following documents:

  • a questionnaire of the established form;

  • a foreign passport, the validity of which expires no earlier than six months, and a copy of all pages with marks;

  • internal passport with a copy of the first spread and registration page;

  • a certificate of no criminal record with an apostille for persons over 14 years of age;

  • a health certificate, which must indicate that the applicant does not suffer from diseases dangerous to society;

  • bank account statement;

  • confirmation of the legality of the origin of funds (certificate of income and their sources);

  • color photograph size 3.5×4.5 cm.

During the consideration of the application, which usually takes no more than two months, the foreigner is checked for reliability – that is, whether he is wanted by Interpol, whether he is on the sanctions list, etc. Sometimes additional documents may be requested – for example, a certificate from your place of employment, which may slow down the process somewhat.

A residence permit in Latvia when purchasing real estate is issued for a period of five years, after which it can either be extended indefinitely (if the property remains owned) or changed to permanent residence, and after another five years – apply for a passport. In the latter case, you will have to pass an exam on knowledge of the Latvian language and renounce your previous citizenship. The holder of a Latvian residence permit obtained under the Golden Visa program is not required to spend any specific time in the country, but can do business and enjoy all rights on an equal basis with citizens, with the exception of electoral rights.

Source link